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Rapid Transformation of the Global Light Duty Vehicle Market

Strategic Insights

— 2 min read

The global light duty vehicle (LDV) market is undergoing significant changes driven by government-led initiatives to improve fuel economy, growing demand for alternative transportation options, and adoption of vehicles with various levels of drivetrain electrification. These changes are significantly impacting the markets for LDVs, fuel infrastructure development, and energy demand. The increased adoption of drivetrain electrification and alternative fuels is expected to have considerable impacts on the market, particularly for utilities. Meanwhile, the development of new transportation business models, such as carsharing programs, alongside increased urbanization, is likely to put downward pressure on vehicle sales in the long term.

Key Takeaways:

  • The global LDV market is expected to grow from 88.8 million vehicles in 2015 to 122.6 million in 2035, with a significant increase in sales of electric and alternative fuel vehicles.
  • The adoption of drivetrain electrification and alternative fuels varies significantly from region to region due to fuel costs, refueling infrastructure availability, and government support.
  • Utilities will be particularly affected by increased interest in plug-in electric vehicles (PEVs) and natural gas vehicles (NGVs).
  • The report analyzes the global LDV market in eight segments: stop-start vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, battery electric vehicles, NGVs, fuel cell vehicles, propane autogas vehicles, and conventional internal combustion engine (ICE) vehicles.
  • Global market forecasts for sales and the number of vehicles in use, segmented by country, drivetrain, and primary fuel, extend through 2035.
  • Diesel vehicles will be incorporated into ICE electrification in certain regions, but specific details on incorporation are not provided in the source material.
  • The report highlights the importance of government support and refueling infrastructure availability for the adoption of electric and alternative fuel vehicles.
  • Automotive OEMs, electric vehicle supply equipment (EVSE) providers, oil and gas companies, natural gas and hydrogen infrastructure developers, battery suppliers, utilities, government agencies, and the investor community will benefit from this report.

Statistics:

  • Global annual LDV sales are expected to grow from 88.8 million vehicles in 2015 to 122.6 million in 2035.
  • The global LDV market is expected to experience significant growth, particularly in the adoption of electric and alternative fuel vehicles.
  • Electric and alternative fuel vehicles are expected to have considerable impacts on the market, particularly for utilities, with increased interest in PEVs and NGVs.
  • The report provides market forecasts for sales and the number of vehicles in use, segmented by country, drivetrain, and primary fuel, extending through 2035.

Sources:

  • ReportLinker, "Transportation Forecast: Light Duty Vehicles, Light Duty Stop-Start, Hybrid Electric, Plug-in Hybrid Electric, Battery Electric, Natural Gas, Fuel Cell, Propane Autogas, and Conventional Vehicles Global Market Forecasts 2015-2035"
  • Navigant Research, global annual LDV sales data

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